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Lagos needs $15Billion for lnfrastructure – Sanwo-Olu

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Lagos State Governor Babajide Sanwo-Olu
Lagos State Governor Babajide Sanwo-Olu
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•LASG holds Investors’ Roundtable, Launches Deal Book

•Gov urges Investors to optimise opportunities in Lagos toward 21st Century Economy

Lagos State Governor, Mr. Babajide Sanwo-Olu has disclosed that given the rising population and limited geographical space of the State, Lagos will require about $15 billion over the next five years for infrastructure.

Speaking at the third Lagos Investors’ Roundtable and launching of Deal Book organised by the Office of the Sustainable Development Goals (SDGs) and Investment, Governor Sanwo-Olu called on investors to optimise the advantages of the opportunities in Lagos State toward the goal of developing a 21st Century economy as projected by his administration.

At the investment roundtable, which was attended by foreign diplomats, members of business communities, captains of industries and members of the State Executive Council, among others, Governor Sanwo-Olu also called for partnership with investors and private sector, saying the implementation of the development strategies of his administration demands partnership and contributions of private investors.

He said: “We strongly believe that the continued growth and success of Lagos is premised on the strength and diversity of our partnerships. It is such strategic partnerships that account for Lagos being by far the leading recipient of local and foreign direct investments in Nigeria. It is estimated that, in the last few years, about 80 percent of the investments into Nigeria, has come into Lagos.

“These investments remain vital to our economic growth and wellbeing, supporting tens of thousands of jobs and livelihoods across the city. This is the reason why a forum like this is so important – as a platform for harmonising our respective visions and targets and agreeing on key actions that will not only strengthen existing investment partnerships but also initiate new ones.”

Governor Sanwo-Olu stressed further that “As a government, we understand the value of these relationships in fostering economic resilience, particularly during times of uncertainty, like this one we are in, marked by the combined effects of a global pandemic, climate change, global inflation, the burden of poverty and social and economic inequality, among others.

“As a low-lying aquatic city with over 22 million citizens, confined to the smallest landmass in Nigeria, Lagos is especially vulnerable to all the challenges of a sprawling, densely populated, climate challenged, fast-growing Megacity.

“We believe that given the rising population and limited geography space that we have, Lagos will indeed require about $15 billion over the next five years on infrastructure alone. $15 billion is about five times the budget that we currently have. Lagos budget is about $3 billion today.”

While assuring investors that Lagos State is open and ready for investments, innovation and collaboration, Governor Sanwo-Olu assured investors and private partners that the State Government will create enabling policies and environment for them to thrive in Lagos and for their investments to be safe and secure, as well as ensuring that innovation thrives.

“Indeed we have a huge responsibility to develop critical hard and soft infrastructure that can act as a catalyst for what you do as investors. All of these we have been doing and will continue to do,” the governor said.

Governor Sanwo-Olu during the event also launched the ‘Lagos Deal Book’, which is a compendium of investment opportunities across the state as well as information about the incentives for making the investments and the processes for doing so.

He said: “I encourage you all to take advantage of the rich information contained in this Deal Book, to guide and inform your decision making. Information, they say, is power, and there is something of value and interest to each and every one of you, inside the compendium.

“I also urge you all to continue to support, partner and collaborate with Lagos State and with one another, to create sustainable economic prosperity that will touch the lives of all Lagosians. I would like to ask you all, to please spread the word; Lagos State is open and ready for investment, innovation, and collaboration.”

Speaking earlier, the Special Adviser to Governor Sanwo-Olu on Sustainable Development Goals (SDG) and Investment, Mrs. Solape Hammond, said the roundtable was part of shared aspiration towards making Lagos the most preferred investment destination in the world.

She reassured the investors about the Babajide Sanwo-Olu administration’s determination to institute business-friendly measures to boost investors’ confidence and guarantee trust, adding that her office is working with relevant Ministries, Departments and Agencies (MDAs) of government to minimise all perceived threats and scale-up strategic benefits.

“It is an incontrovertible fact that Lagos derived its age-long excellence partly from the worthy contribution of private investment to its socio-economic development, hence, the commitment towards creating a conducive atmosphere for private businesses to strive.

“As carefully exemplified by Mr. Governor Babajide Sanwo-Olu in his developmental agenda, T.H.E.M.E.S, the utmost goal is to make Lagos the most desirable investment destination in the world. The ability to attract investment remains the hallmark of healthy economies all over the world,” she said.

Also speaking, Commissioners for Transport (Dr. Frederick Oladeinde), Energy (Mr. Lere Odusote), Agriculture (Ms Bisola Olusanya), Tourism, Arts and Culture (Pharm. Uzamat Akinbile-Yusuf), Health (Prof. Akin Abayomi), Special Adviser to the Governor on Works and Infrastructure (Engr. Aramide Adeyoye) and Director-General, Office of Public Private Partnership (Mr. Ope George), who spoke passionately on huge investment opportunities in different sectors in the State and urged investors to tap into them.

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Constituency Projects: Oyebanji Joins Senate Leader On Tour Of Project Sites in Ekiti

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Ekiti State Governor, Biodun Oyebanji and Senate Leader, Sen. Michael Opeyemi Bamidele
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Ekiti State Governor, Biodun Oyebanji has commended the members of the State Caucus in the National Assembly for their dedication to the advancement of development in the State.

The Governor praised their efforts in initiating constituency projects that directly tackle pressing needs and improve the lives of citizens.

Oyebanji gave the commendation in Ado-Ekiti, the State Capital on Tuesday when he joined the Senator representing Ekiti Central Senatorial District and Leader of the Senate, Senator Michael Opeyemi Bamidele, on a tour of his constituency projects spanning various local government areas within the senatorial district.

The Governor said he is delighted at the remarkable partnership between the state government and National Assembly members, which according to him is now yielding positive results for the people of the state.

He explained that the projects are testimonials to what is possible when there is unity of purpose between the Executive and the legislative arms of government, commending Senator Bamidele’s commitment to grassroots development, dedication to service, and relentless pursuit of initiatives that directly impact the people.

While expressing his gratitude to Senator Bamidele, the Governor lauded the Senate Leader’s proactive approach to governance and his ability to mobilize resources to effectively implement impactful projects that uplift the socio-economic status of the people.

Governor Oyebanji reiterated his administration’s support for the projects and pledged continued collaboration with National Assembly members to advance sustainable development in the state, adding that he was confident that with the Senator’s visionary leadership and collective efforts of all stakeholders, Ekiti would continue to experience greater strides in development and prosperity.

“I am excited, happy and extremely grateful to God for this partnership that is working in the interest of Ekiti people, like the Senate Leader said, this is what we have when there is unity of purpose and collective ownership of vision to develop the state. A vision to run with the Renewed Hope Agenda of Mr President, and this tells me that I need to dig deeper in ensuring that there is continuous unity among the stakeholders in the National Assembly, “ the Governor said.

Earlier in his remarks, Senator Bamidele who thanked the Governor for his support and cooperation in realizing various development projects, said the purpose of the inspection is to assess the progress and impact of the projects across his constituency.

The Senate Leader, while emphasizing the significance of teamwork between the executive and legislative arms in driving positive change and progress in the state, restated his commitment to representing the interests of Ekiti people and working closely with the state government to address the people’s needs.

Senator Bamidele attributed various development projects in the state to purposeful and exemplary leadership provided by the Governor and assured the people that he would continue to work tirelessly to ensure the advancement of the interests of the people and promote development within the state.

“Part of the reason why this is going on is because am at peace with myself, am at peace with the state government and I don’t have any reason to want to isolate myself from what the state government is doing and we thank God Almighty”. He asserted.

Projects inspected included EKSU internal roads and the newly built medical student’s hostels, the newly built state Library in Ado Ekiti, the Mini stadium and sports complex in Erijiyan Ekiti, Intensive Care Unit and Amenities Center at Aramoko General Hospital, Ijero township road, newly built Iyin Ekiti General Hospital Intensive care Unit and Amenities Center, Iyin – Ilawe road, among others.

 

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Infrastructure: FG Approves Dualisation of Ado-Ikare Road – Bamidele

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Senate Leader, Senator Michael Opeyemi Bamidele
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After three decades of outright neglect, the Leader of the Senate, Senator Opeyemi Bamidele has revealed that the federal government has approved the dualistion of Ado-Ekiti-Ikere-Akoko road, a 31-kilometre highway that connects Ekiti State to Federal Capital Territory through Ondo, Edo and Kogi States.

The highway, according to the senate leader, was equally captured in the 2024 Appropriation Act purely enacted to implement strategic infrastructure projects that will create limitless opportunities for Nigerians across 36 states of the federation.

He spoke about the road reconstruction during a feedback session with one of the country’s foremost legal icons and Chancellor of Afe Babalola University, Ado-Ekiti (ABUAD), Chief Afe Babalola on Monday.

The Ado-Ekiti-Ikere-Akoko, one of the 12 federal roads connecting Ekiti State to Kogi, Kwara, Ondo and Osun States, has suffered neglect even before democratic transition in 1999.

With Bamidele’s intervention, however, President Bola Ahmed Tinubu approved the dualisation of the road considering its strategic significance to Ekiti and other states directly and indirectly bordering it.

Other federal roads that connect Ekiti to Kogi, Kwara, Ondo and Osun are still deplorable and dilapidated, seriously begging for the attention of the federal and state governments.

Among others, the roads include Ifaki-Otun road, Ifaki-Ilasa-Omuo road, Ado-Ikere road, Ado-Ijan-Ikare road, Ado-Iyin-Aramoko road, Aramoko-Efon-Ijebu Jesa road, Efon-Iwaraja and Otun-Erinmope-Odo Owa road.

At the session on Monday, Bamidele revealed that the dualisation of the Ado-Ekiti-Ikare-Akoko road was captured in the 2024 Appropriation Act and its reconstruction would commence before the end of this financial year.

He explained that the reason for the dualisation of the road “is due to the volume of traffic on this inter-state highway that connects Ekiti to Abuja through Ondo, Edo and Kogi States. It is a decision taken by President Bola Ahmed Tinubu.

“Aside, it is not only that the road was captured in the 2024 Appropriation Act. The Honourable Minister of Works, Senator David Umahi has identified it to the management and staff of the Federal Ministry of Works as a priority federal road, whose reconstruction must take off this fiscal year.

“The federal government has already commenced the design of the road because what was decided was that the road should be dualised from Ejigbo in Ado Ekiti up till 31 kilometres to Ikare Akoko. We will continue from there as a single lane.

“The reason for dualisation is due to the volume of traffic on this corridor. When fully executed, the road will stand the test of time. This was a decision taken not just by the minister, but also by the president, who has tremendous respect for you.”

Bamidele, also, recounted how thousands of students of the Federal Polytechnic, Ado Ekiti trooped out on Monday to protest the deplorable condition of the Ado-Ekiti-Ikare-Akoko road.
Sadly enough, according to the senate leader, the protesting students did not know the federal government had already awarded the contract to dualise the 31-kilometre road.

In his response, Babalola expressed delight about the dualisation of the Ado-Ekiti-Ikare-Akoko road, noting that the news of its reconstruction was the news of the year to him.

He said the news about the dualisation of the primary road directly connecting ABUAD with other parts of the federation “is the news of the year to me in particular and Ekiti people in general.”

Babalola also spoke about the state of Ekiti Airport, lamenting how the airport was inaugurated before former Ekiti State Governor, Dr. Kayode Fayemi completed his second term.

Since the inauguration of the airport project, however, the legal icon observed that no plane had land there due to the failure of Fayemi’s administration to complete the project.

He said: “I am currently financing the completion of the abandoned airport. The airport was inaugurated, but no plane can land there. I am currently financing the airport project to make it functional.”

He, therefore, urged the senate leader to support Ekiti State Governor, Mr. Biodun Oyebanji, noting that both of them “are absolutely committed to the development of Ekiti State.”

 

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FEC Approves N75bn Nigerian Youth Investment Fund Restructuring

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President Bola Tinubu
President Bola Ahmed Tinubu
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The Federal Executive Council (FEC) has approved restructuring the Nigerian Youth Investment Fund with additional provisions for it.

This was revealed by the minister of youth development, Jemila Bio Ibrahim after a meeting of the council at the Presidential Villa, Abuja on Wednesday.

She said the N75 billion fund, which was originally established in 2020, will now be institutionalized.

According to her, it will receive N25 billion from the 2024 supplementary appropriation while the central bank of Nigeria will release additional N60 billion to it.

She said: “Secondly, the Nigerian Youth Investment Fund, initially established in 2020, has been restructured and institutionalized through a legal framework.

“The fund, initially set at ₦75 billion, will now receive ₦25 billion from the 2023 Supplementary Appropriation Act and an additional ₦25 billion from the 2024 Appropriation Act. Additionally, ₦60 billion will be released from the Central Bank of Nigeria’s SME Investment Fund, focusing on agricultural investments. “These measures aim to support young businesses and stimulate economic growth.”

Jamila also said that FEC approved the institutionalization of a 2% youth quota in all government appointments and women representation of 30%.

“I’m delighted to brief the gentleman and women of the press that we have received Council’s approval to institutionalize a 2% youth quota, a third percent representation of young people in all government appointments and an equitable young women representation inclusive of this 30%,” she said.

According to her, it will go a long way in addressing “the long marginalization and exclusion of young people in decision making, and will also go a long way to encourage young people to participate in decision making processes and in civic engagements.”

 

 

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